Investment of Cash Collateral. (1) The Company hereby irrevocably grants a security interest in and pledges, assigns and sets over to the Administrative Agent for the benefit of the Secured Parties all of the Company’s right, title and interest in the Cash Collateral, and all property now or hereafter placed or deposited in, or delivered to the Administrative Agent for placement or deposit in, the Collateral Account held by (or otherwise maintained in the name of) the Administrative Agent pursuant to this Section 10.20(f), and, subject to Section 10.20(a), all distributions relating thereto and proceeds thereof, in order to secure all Obligations, now or hereafter arising, of every kind and nature, owed by the Company under this Agreement to the Secured Parties or to the Administrative Agent for the benefit of the Secured Parties. The Company shall take all actions and shall direct the Administrative Agent to take all actions necessary on its part to ensure the continuance of a security interest in the Cash Collateral in favor of the Administrative Agent for the benefit of the Secured Parties in order to secure all such obligations and indebtedness. The Company shall not grant a security interest, encumbrance, lien or other claim, direct or indirect, in the Company’s right, title or interest in the Collateral Account or any other Collateral which is Cash Collateral. (2) All Cash Collateral deposited or held in the Collateral Account at any time shall be invested by the Administrative Agent in Cash Equivalents in accordance with the Company’s written instructions in the form of an Officers’ Certificate to the Administrative Agent. Any such written instruction shall specify the particular investment to be made and shall state that such investment is authorized to be made hereby. The Administrative Agent shall not be liable or responsible for any loss resulting from such investments or sales except only for its own fraud, grossly negligent action, its own grossly negligent failure to act or its own willful misconduct in complying with this Section 10.20(f).
Appears in 5 contracts
Samples: Credit Agreement (Navios South American Logistics Inc.), Credit Agreement (Navios Maritime Partners L.P.), Credit Agreement (Navios Maritime Midstream Partners LP)